Mostly sunny with a chance of Ackman: That’s the forecast for Procter & Gamble Co.’s annual meeting at the Aronoff Center for the Arts downtown Tuesday morning.

P&G leaders are likely to emphasize the 175 years of growth and innovation that followed the 1869 founding of the world’s largest consumer products company. The company has been planning a series of events and marketing campaigns related to the anniversary, as it increasingly emphasizes the P&G name as a brand itself.

But shareholders may have more recent events on their minds. Activist investor Bill Ackman has been pressuring the company for management changes. While he’s not likely to show, many expect CEO Bob McDonald to face questions on the topic from shareholders.

“I’d be surprised if somebody didn’t ask,” said Terry Kelly, an investment adviser at Bartlett & Co., which counts P&G among the most widely held stocks in a roughly $3 billion portfolio. Many of Bartlett’s clients are patient investors, having held P&G shares for generations. Others have a more short-term focus and are frustrated that peers like Unilever and Colgate have grown faster than P&G (NYSE: PG) during the recession.

Ackman told audience at the Value Investing Congress that P&G’s board is keeping its CEO “on a tight leash” and repeated his claim that his 1 percent stake in the company is enough to influence change.

A spokeswoman for Ackman’s hedge fund, Pershing Square Capital Management, said in late September that Ackman was not planning to be in Cincinnati for P&G’s annual meeting. But Kelly expects CEO McDonald to be ready to defend the company’s latest growth plans, which call for P&G to focus on its largest, most profitable product lines, increase innovation and reduce costs to improve earnings.

“The chief executives of P&G have a history of being cordial, controlled and thoughtful” in conversations with shareholders, Kelly said. “I don’t think Bob McDonald will be any different. When you really work this through, they both want the same thing. It’s a matter of how you get it.”